JLL’s Chad Urie has been named one of Real Estate Forum Magazine’s Top Brokers in Southern California and the only Agency Leasing Broker in San Diego. The Real Estate Forum’s top broker of Southern California list recognizes the local commercial real estate brokers who had stood out as industry leaders, based on their transaction metrics.
Chad has performed “dramatic property repositioning” for several of his clients to help them reach their ambitious objectives. Of special note is his work on Sorrento West, owned by BioMed Realty. The 150,000-square-foot industrial project in Sorrento Valley was beset with flooding issues with each heavy rainfall. With several properties in San Diego geared toward large life science companies already in their portfolio, BioMed Realty set their sights on creating an incubator project targeted at startup companies that would hopefully grow and graduate to BioMed’s larger spaces. Prohibitively expensive to build from the ground up, BioMed Realty wanted to use an existing building for this incubator project. Sorrento West was a potential candidate, but Chad knew that in order to be successful, they would have to convince potential tenants that there was minimal risk of floods at Sorrento West that might damage their expensive equipment.
The combined BioMed team came up with the creative approach of re-skinning the industrial building’s modern exterior to seal off the entire site from flood waters. They essentially created a bathtub effect, only the water was on the outside of the tub. For any rain water that ran inside the tub, the design solution incorporated four commercial bilge pumps that would empty excess water. All these systems were completely hidden. With this solution, Chad and his team took Sorrento West from 72% to 90% occupancy in approximately 14 months, and tenants are paying top-market rents for the cool work environment. With this facility, BioMed Realty has already seen two smaller tenants grown into larger rentable spaces.
Chad and his team were able to perform another brokerage coup for his client of three years, Amylin Pharmaceuticals. Amylin was purchased by Bristol Myers Squibb, which ultimately also retained Chad to dispose of over 500,000-squarefeet of excess real estate in a very troubled market. Chad and his team were able to structure transactions for sublease of over 350,000-rentable-square-feet with companies such as Provide Commerce, Kratos Defense Systems, Polaris Pharmaceuticals and others, relieving Amylin’s obligations by well over $65 million. Additionally, they were able to locate a replacement tenant for the 125,000-square-foot Amylin headquarters building and were able to negotiate an early lease termination with two of J. Craig Venter’s companies, allowing Amylin to reduce its operational costs considerably. This process amounted to the largest subleasing disposition in San Diego’s history.
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